Correction: comment to the decision of the Nasdaq Tallinn Listing and Surveillance Committee


Tallinn, Estonia, 2015-06-19 15:57 CEST (GLOBE NEWSWIRE) --  

Correction: Ekspress Grupp release of 08.06.2015 included the incorrect statement that the compliance of internal rules of Ekspress Grupp to the legal acts has been regularly checked also by the stock exchange in addition to the check made by the Financial Supervision.

 

The correct release follows:

In its decision from 28.05.2015, Nastaq Tallinn Listing and Surveillance Committee found that AS Ekspress Grupp has breached its duty to avoid the transactions with Ekspress Grupp shares by the member of its Council and there are no objective circumstances that would have hindered the proper fulfilment of these duties. The decision concerns the transactions made after 28.02.2015, after the disclosure of the 12-month interim report. The interim report included the full results of the fiscal year of the issuer.

Ekspress Grupp remains in the opinion that no breach of duty occurred, since the restriction period of transactions ended with the disclosure of the interim report, not by the disclosure of the consolidated annual report of 2014 on 23.03.2015. This position is based on the internal rules of Ekspress Grupp, the compliance of which to the legal acts has been regularly checked by the Financial Supervision. This conclusion also derives from the Stock Exchange directive “Requirements for Issuers” points 4.5.2. and 5.4.1.

Additionally, the position of Ekspress Grupp is supported by the reminder for stock exchange companies about the restricted periods that can be found on the Stock Exchange website (http://www.nasdaqomxbaltic.com/et/meie-teenused/noteerimine/borsiettevotte-kohustused/borsiettevotte-meelespea/keelatud-perioodid/) and the decision of the Listing and Surveillance Committee from 05.03.2009 concerning Silvano Fashion Group which found that „The fiscal year of Silvano Fashion Group is identical to the calendar year, therefore the restricted period began one week before the end of the year 2008, that is on December 24th 2008 and ended on the day following the 12 month interim report (27.02.2009), that is on February 28th 2009“.(http://www.nasdaqomxbaltic.com/market/?pg=news&news_id=230790). 

Based on the previous information, Ekspress Grupp also informed the member of the Council, who asked for the opinion of Ekspress Grupp before conducting the transactions. Ekspress Grupp is considering appealing the decision of the Listing and Surveillance Committee from 28.05.2015 to the Arbitration Court of Nasdaq Tallinn.

         Additional information:
         Gunnar Kobin
         Chairman of the Management Board
         GSM: +372 5188111
         e-mail: gunnar@egrupp.ee